What is a Short Sales Anyway?

 

 A short sale in real estate occurs when the outstanding obligations (loan) against a property are greater than what the property can actually be sold for.  You’re basically buying a house at a discount of what’s owed to the lender with their full approval as well as the homeowner’s.

 

More on What a Short Sale is?


  • Occurs when a lender accepts less than full payoff on the mortgage(s) to allow transfer of a property to a new buyer.

  • Only available on houses in pre-foreclosure.

  • Can be negotiated on all mortgages plus junior liens.

  • Not available on bank owned houses

How Short Sales Benefit Homeowners?


  • Homeowners don’t pay for anything.

  • Sellers avoid a foreclosure on their credit report.

  • Short sales minimize the loss, and therefore any shortfall reflected on a 1099C.

  • Homeowners can often avoid paying income tax on the shortfall when professionally advised.

    • Allows sellers to get on with their lives!


       If you would Like to Short Sale you Houses Call Holly @ 703-819-5510 or if you would like more information.